Term
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Definition
| A civil wrong, other than breach of contract, for which a remedy may be obtained in the form of damages; a breach of a duty that the law imposes on persons who stand in a particular relation to another. |
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| A minor can enter into a contract |
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Definition
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| A mentally disabled person cannot enter a contract |
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Definition
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| A person over 18 can enter into a contract |
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Definition
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Term
| A formal contract is a written contract |
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Definition
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| An oral contract is not a valid contract |
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Definition
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Term
| Time is an essential term of an offer |
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Definition
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Term
| A contract signed under duress is valid |
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Definition
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Term
| Name three elements of a contract |
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Definition
Offer
Acceptance
Consideration |
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Term
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Definition
| A preliminary statement expressing a willingness to receive offers. |
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Term
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Definition
| Made when one party promises to pay the other a sum of money (or to do some other act) if the other will do something ( or forbear from doing so) without making any promise to that effect. |
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Term
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Definition
| (Which result from unilateral offers)The party to whom the offer is made does not have to promise to do anything. |
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Term
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Definition
| In which a promise is exchanged for a promise. |
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